Anyone have any luck flipping the ~$700 in debit card spend using venmo? Debit card transaction incur zero fees and the receiver can have the money in their account bd+1
Originally Posted by
FWAAA
Citi will likely send you a 1099 showing the 50k miles "valued" at up to $0.025 each, so be warned that you might have as much as $1,250 of taxable income you weren't expecting. Of course, you can always argue the value with the IRS. My advice is to stick with credit card offers where the miles are not income.
I was under the impression that these 1099's are precautionary and the IRS has no interest in trying to value and tax airlines miles at this time. Has something changed?